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Constellation EnergyCEG

Legal name
Constellation Energy Corporation
Sector
Energy
Industry
Electric Services
Exchange
Nasdaq

Stock Price $CEG

Latest filings

You are here#4 of 32 in Utilities by market cap

Filing record · 2022–202610-K510-Q158-K71

CEG filed 5 annual reports (10-K), 15 quarterly reports (10-Q) and 71 current reports (8-K) between 2022 and 2026.

  1. Leadership change8-K · Dec ’22Dec ’22
  2. FY2023 annual report10-K · Feb ’24Feb ’24
  3. Leadership change8-K · Mar ’26Mar ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  6. $25.53B
YoY changeLargest recent move+24.4%in FY22Latest +8.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CEG Financial Metrics53 metrics

Income Statement11

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

Constellation Energy Financial Overview 2021–2025

Updated Nov 10, 2026

Fueled by the transformational $21.8 billiona acquisition of Calpine, Constellation Energy more than doubled its operating revenues to $11.1 billion in Q1 2026. This sudden scale expansion highlights the core investment thesis: Constellation’s massive carbon-free generation portfolio makes it the premier vehicle to capitalize on the AI-driven data center and electrification supercycle. The company’s underlying financial trajectory reflects a dramatic maturation, as net income swung from a $205 million loss in FY2021 to a GAAP profit of $2.32 billion in FY2025.

Constellation extracts maximum value from its assets through rigorous operational efficiency, maintaining a 94.7% nuclear capacity factor in FY2025. Management has aggressively monetized federal policy tailwinds, recognizing $2.08 billionb in nuclear production tax credits during FY2024 alone, while securing a 20-year power purchase agreement with Microsoft to restart the Crane Clean Energy Center. Following the Calpine integration, the company's total generation fleet expanded to 55 GW, cementing its position as the world's largest private-sector power producer. Investors have heavily rewarded this operational execution. At the close of FY2025, the stock traded at $353.27, commanding a $110.2 billion market cap and a premium valuation of 47.7x earnings.

Recent Developments (Q2 and Q3 2026)

Constellation Energy advanced its growth strategy through the first nine months of 2026, lifted by the Calpine integration and rising clean energy demand. Operating revenues for the period reached $28.18 billionc, while net income more than doubled year-over-year to $3.94 billion. Management raised full-year 2026 adjusted operating earnings guidance to $12.50–$12.80 per share, supported by nuclear fleet capacity factors of 97.2% in the third quarter and long-term power agreements secured with Amazon and Google.

The bull case centers on surging data center power demand and dominant clean energy scale, while the bear case highlights integration risks and heavy capital leverage. The stock traded at 37.3xd earnings as of the Q3 2026 filing, reflecting a rich valuation relative to recent performance.

What to watch: Calpine asset divestitures; execution of the Crane Clean Energy Center restart

03—Filings

Recent SEC Filings

  1. 8-KConstellation Energy 8-K Report, Financial Results (Nov 9, 2026)Constellation Energy Corporation (CEG) announced its third quarter 2026 financial results, reporting GAAP Net Income of $5.19 per share and Adjusted (non-GAAP) Operating Earnings of $5.06 per share. This performance exceeded expectations, leading the company to raise its full-year Adjusted Operating Earnings guidance to a range of $12.50 to $12.80 per share. The company highlighted significant strategic agreements and developments, including the proposed acquisition of the Rhode Island State Energy Center for $715 million, long-term power purchase agreements (PPAs) with Amazon and Google supporting significant investments in its clean energy infrastructure, and a conditional $5 billion loan commitment from the Department of Energy to support nuclear uprates. These developments underscore Constellation's strategy to expand its clean energy generation capacity while ensuring the continued operation of its existing nuclear fleet. The company is demonstrating its ability to secure long-term contracts with high-quality customers, including major technology firms, which provide revenue visibility and support substantial infrastructure investments without passing costs to existing customers. The acquisition and expanded agreements position CEG for continued growth and reinforce its role as a leading provider of reliable, emissions-free energy.
  2. 8-KConstellation Energy 8-K Report, Financial Results (Aug 6, 2026)Constellation Energy (CEG) reported second-quarter 2026 results on August 6, 2026, showing GAAP net income of $1.42 per diluted share (down from $2.67 a year earlier) and Adjusted (non-GAAP) Operating Earnings of $2.55 per share (up from $1.91). The GAAP decline reflects large unrealized mark-to-market losses on fair value adjustments and the amortization of acquired Calpine commodity contracts, both of which are excluded from the adjusted figure. The adjusted improvement was driven primarily by the Calpine acquisition (closed January 2026), favorable market and portfolio conditions, higher capacity revenue, and strong commercial performance, partially offset by a higher number of planned nuclear refueling outage days. Quarterly GAAP net income attributable to common shareholders was $513 million, versus $839 million a year earlier, and the average diluted share count rose to 360 million from 314 million because of the Calpine transaction and related equity issuance. Management raised full-year 2026 Adjusted Operating Earnings guidance to $11.50–$12.50 per share from an initial $11.00–$12.00 range (and the midpoint is now $12.00 versus the prior $11.50), based on a lower expected share count of 357 million and commercial outperformance, partly offset by higher performance-related compensation. Several regulatory and commercial milestones were announced: FERC approved transfer of capacity interconnection rights to the Crane Clean Energy Center, the NRC approved its fuel license amendment supporting a 2027 restart, roughly 920 MW of new long-term nuclear power purchase agreements were signed, the Brazos Valley Energy Center (606 MW gas plant) is being sold to LS Power for $860 million before closing adjustments, and license renewal applications were filed for the Ginna and Nine Mile Point Unit 1 units. Balance sheet and capital allocation are important to watch. Total assets rose to $98.3 billion from $57.2 billion at year-end 2025, short-term borrowings increased to $5.2 billion, and long-term debt rose to $19.1 billion, reflecting Calpine financing. The company has deployed roughly $2.2 billion year-to-date on share repurchases and has a $5.0 billion buyback authorization. Management reiterated its BBB+/Baa1 credit profile and projects 20%+ base EPS growth through 2029. Investors should note that the earnings story depends materially on non-GAAP adjustments, the GAAP results are volatile due to commodity hedge and nuclear decommissioning trust fair value changes, and the Brazos Valley sale is subject to DOJ approval as part of the Calpine merger conditions.
  3. 8-KConstellation Energy 8-K Report, Executive Changes (Aug 5, 2026)Constellation Energy (CEG) filed an 8-K on August 5, 2026 reporting board changes rather than financial results. Robert Lawless, who had served as Board Chair, retired from the Board effective August 4, 2026. The Board then elected President and CEO Joseph Dominguez as Chair, so the CEO now also holds the chair role. Charles Harrington, Chair of the Corporate Governance Committee, was named Lead Independent Director and will receive an additional $50,000 annual cash retainer for that role. The Board also added Roger Crandall, Chairman, President and CEO of MassMutual, as an independent director effective August 5, 2026, with a term running to the 2027 annual meeting. Committee assignments for Crandall have not yet been determined. The filing contains no financial statements, earnings, guidance, or operational metrics, so its market impact is limited to governance considerations. For investors, the key governance points are the combination of CEO and Chair roles, mitigated by a designated Lead Independent Director, and the addition of an experienced financial services executive with prior Federal Reserve Bank of Boston leadership. Investors may want to watch the committee assignments for Crandall and how the Board structure evolves in the next proxy statement.
  4. 8-KConstellation Energy 8-K Report, Corporate Update (Jul 14, 2026)Constellation Energy Corporation (CEG) has announced positive results from the PJM capacity auction for the 2028-2029 planning year. All of the company's power plants within the PJM market successfully cleared the auction, securing capacity revenues for these future periods. This is a significant positive development as capacity revenues from nuclear units are a key component in the calculation for Production Tax Credits, potentially enhancing the company's tax benefits and overall profitability. The auction results will become effective on June 1, 2028, providing a clear revenue stream visibility for these assets over the specified planning year. Overall, the cleared capacity of 18,875 MW, comprising 15,700 MW of nuclear and 3,175 MW of fossil/other generation, indicates strong market demand for Constellation's generation fleet. The consistent capacity price of $325 per MW across various zones suggests a stable pricing environment within the PJM market for the relevant planning year. Investors should view these results as a confirmation of the reliability and value of Constellation's generation assets in meeting regional power needs.
  5. 8-KConstellation Energy 8-K Report, Corporate Update (Jun 2, 2026)Constellation Energy Corporation (CEG) has filed a Form 8-K on June 2, 2026, to report on an underwritten offering of its common stock. This offering involved selling shareholders selling 11,000,000 shares of common stock, with an option for underwriters to purchase an additional 1,350,000 shares. Importantly, CEG itself did not sell any shares and received no proceeds from this primary offering. However, in conjunction with the offering, CEG repurchased 2,000,000 shares of its common stock from the underwriters for approximately $558.0 million, funded by its existing share repurchase program. This transaction signifies a strategic move by CEG to manage its share count and potentially return capital to shareholders through buybacks, rather than directly raising capital in this instance. The company also noted that its share repurchase authorization remains substantial, with approximately $3.5 billion still available. The filing also details the waiver of lock-up restrictions for the selling shareholders solely on the shares being offered, facilitating the transaction.
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04—See also

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